Review of the strategies for the promotion of digital financial literacy among the elderly: effectiveness and limitations

Abstract

Introduction: This article addresses the critical need for financial literacy to promote the inclusion of older adults in the digital age. As financial services migrate to digital environments, the importance of older adults acquiring basic financial skills that enable them to participate effectively and safely in today's economic system becomes evident. Methodology: An analysis of different financial literacy programs aimed at older adults was carried out, based on the results of the Financial Competencies Survey (ECF) of the Bank of Spain and the National Securities Market Commission (CNMV) for the years 2016 and 2021. The barriers identified by these institutions were examined and the effectiveness of existing initiatives was assessed. Results: The analysis of the ECF data revealed that, despite multiple initiatives implemented to improve the financial literacy of the elderly, the participation of this age group remains insufficient. Barriers to their full inclusion in the digital financial sphere persist, highlighting the need for more personalized approaches and greater involvement of public services. Discussion: The results show that, although some progress has been made in promoting financial literacy and reducing barriers, current strategies are not fully effective in integrating older adults. The need to design specific interventions that respond to the characteristics and limitations of this population is highlighted, as well as the importance of a continuous review and updating of existing programs. Conclusions: It is imperative to drive new models of financial education that not only reduce barriers, but also promote the full participation of seniors in the digital economy. The study provides a solid framework for the development of comprehensive and sustainable strategies that address the needs of older adults and ensure their inclusion in an increasingly digital financial environment.